Willamette Valley Bank Reports First Quarter 2009 Financial Results

Willamette Valley Bank (OTCBB:ORBN) a wholly-owned subsidiary of Oregon Bancorp Inc. announced first quarter 2009 earnings of $153,400, a slight increase from the same quarter a year ago. �We are pleased to report solid earnings in these challenging economic times,� said Neil D. Grossnicklaus, President and Chief Executive Officer. �Although business conditions have slowed significantly, we have continued to make loans and we are achieving profitable growth by building our bank on common-sense banking fundamentals.�

Loans totaled $101.8 million at March 31, 2009, which represents a 9% increase of $9.4 million over the first quarter of 2008. The bank prudently added to its reserves by $188,000 in the quarter. The allowance for loan losses as a percentage of loans totaled 1.23% at March 31, 2009 compared to .99% a year ago. The increase in the loan loss reserve reflects the conservative approach adopted by the bank in a time of economic uncertainty.

Low interest rates have led to record quarterly earnings for the bank�s mortgage division. �While the business environment remains challenging, our residential mortgage business is robust and we are seeing a welcome increase in home purchase activity,� stated Joe Potwora, Senior Vice President. The bank reported $60 million in mortgage originations in the first quarter.

In addition to the expanding mortgage business, the bank announced the expansion of their Silverton Home Loan Center to a full service branch. The bank has been serving the Silverton community since August of 2007, when they opened a Home Loan Center on 113 S. Water Street.

Willamette Valley Bank is a community bank headquartered in Salem, Oregon, operating full-service bank branches in Salem, Keizer, Silverton, Albany and a Home Loan Center in Corvallis. The bank also operates Bank of Oregon Home Loan Centers in Bend, Redmond, Sisters, Eugene, Medford, and Oregon City. Willamette Valley Bank is a wholly owned subsidiary of Oregon Bancorp Inc. For a complete list of our services please visit us at www.willamettevalleybank.com.

Oregon Bancorp (PK) (USOTC:ORBN)
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